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This is like asking how a working family is going to pay off their house and car and kids education......
Economics isn't musical chairs. If you took the average working family and asked them to pay off their debt next week or go bust, they would go bust. Same with government.
Neither have to pay off their debt ever. What they need to both do it continue to be productive and plan for the future so that they can carry whatever debt load they accumulate easily.
Our folly, IMHO, was borrowing for two main reasons:
1. War
2. To make the wealthy MUCH wealthier (Bush cuts - were ALL from debt and deficit).
Common sense would say that you don't borrow money to throw it at people who are living in the upper .0001% of people throughout history - but I'm afraid American politics are run by and for the corporations, which isn't working out for the average joe and jane.
Nonsense. Most of our debt was acquired to support a large trade deficit. Offshoring, capital drain, depressed wages, etc. Only a very few have benefited from this.
Any one working in any aspect of military or government can thank the government for there jobs,Wall Street bail out, big 3 auto makers and all the other ways government spends money all benefit from government spending which is where we get the debt.
We as a nation spent the money,That 17 trillion isnt sitting in some ones pocket its out there supporting the infrastructure that is America.
Most people? I think you been Bush Co and Friends, when Clinton was in office there was a surplus. Saudi Arabia, China and Japan own a lot of American bonds, they will use it as political leverage in the future.
What leverage? How much of our total outstanding debt does China and japan own? I'm not sure why you included Saudi but back to japan and China. What is the % of total debt? And why do they own the debt in the first place?
The Treasury Department could mint a trillion-dollar coin and send it to the Fed to pay off the debt. It actually would work, and it's totally legal to do so.
The only reason it hasn't been done is that it would force everyone to acknowledge that our money isn't really money with intrinsic value, but rather a social contrivance, having value only because the government says it does.
The Treasury Department could mint a trillion-dollar coin and send it to the Fed to pay off the debt. It actually would work, and it's totally legal to do so.
The only reason it hasn't been done is that it would force everyone to acknowledge that our money isn't really money with intrinsic value, but rather a social contrivance, having value only because the government says it does.
You are incorrect that the USD has value because our govt says it does. The dollar value is based on worldwide demand
What leverage? How much of our total outstanding debt does China and japan own? I'm not sure why you included Saudi but back to japan and China. What is the % of total debt? And why do they own the debt in the first place?
The US government cut taxes so they needed money, therefore selling treasury security to foreign countries. Have you heard of financial warfare? Why do you think the ruble collapsed a couple of months ago?
The US government cut taxes so they needed money, therefore selling treasury security to foreign countries. Have you heard of financial warfare? Why do you think the ruble collapsed a couple of months ago?
You didn't answer anything I asked. What is treasury security?
The American government will never "TAX THE RICH", since they own congress. The middle class is certainly screwed.
You might want to do your research, Clinton taxed the rich, and what happened when Clinton was president?
Surplus.
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